Here’s Why ClearBridge Sustainability Leaders Strategy Sold ON Semiconductor Corporation (ON)

ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 3000 Index, in the quarter.  The strategy gained seven out of 10 sectors in which it invested during the quarter, on an absolute basis. IT and industrials sectors were the leading contributors while consumer discretionary, health care and utilities sectors detracted. Overall stock selection detracted on a relative basis. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

ClearBridge Sustainability Leaders Strategy highlighted stocks like ON Semiconductor Corporation (NASDAQ:ON) in the second quarter 2023 investor letter. Headquartered in Scottsdale, Arizona, ON Semiconductor Corporation (NASDAQ:ON) provides intelligent sensing and power solutions. On October 3, 2023, ON Semiconductor Corporation (NASDAQ:ON) stock closed at $89.76 per share. One-month return of ON Semiconductor Corporation (NASDAQ:ON) was -9.78%, and its shares gained 29.14% of their value over the last 52 weeks. ON Semiconductor Corporation (NASDAQ:ON) has a market capitalization of $38.734 billion.

ClearBridge Sustainability Leaders Strategy made the following comment about ON Semiconductor Corporation (NASDAQ:ON) in its Q2 2023 investor letter:

“To fund our purchase of Lam Research, we exited ON Semiconductor Corporation (NASDAQ:ON), preferring Lam at this point in the semiconductor cycle, and as we are also cautious on automotive demand, a key end market for ON Semiconductor.”

A technician working on power management in a semiconductor factory. Editorial photo for a financial news article. 8k. –ar 16:9

ON Semiconductor Corporation (NASDAQ:ON) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held ON Semiconductor Corporation (NASDAQ:ON) at the end of second quarter which was 51 in the previous quarter.

We discussed ON Semiconductor Corporation (NASDAQ:ON) in another article and shared the list of biggest technology companies. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.